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Lease vs Buy Guide

Make the right financial decision for your next vehicle

Whether you're looking for lower monthly payments or long-term ownership, we'll help you choose the best option.

Compare Options Cost Calculator

Quick Decision Guide

Choose based on your priorities

Consider Leasing If:

  • You want lower monthly payments
  • You like driving the latest models
  • You drive less than 20,000 km/year
  • You prefer warranty coverage
  • You don't want maintenance hassles

Consider Buying If:

  • You want to build equity
  • You drive more than 20,000 km/year
  • You want freedom to modify
  • You plan to keep the car long-term
  • You want no mileage restrictions

Detailed Comparison

Understanding the key differences

Factor Leasing Buying
Monthly Payments Lower 20-40% less Higher Full depreciation
Down Payment Lower Usually $0-$3,000 Higher 10-20% of price
Ownership No Return at end Yes Build equity
Mileage Limits Yes 16,000-24,000 km/year No Limits Drive as much as you want
Wear & Tear Charges Apply Must maintain condition Your Choice Affects resale value
Modifications Not Allowed Must return original Allowed Customize as you wish

Cost Calculator

Compare the total cost of leasing vs buying

Buying (Finance)
$0
Monthly Payment
$0
Total Cost (5 years)
$0
Estimated Equity
Leasing
$0
Monthly Payment
$0
Total Cost (5 years, 2 leases)
$0
No Equity

Pros & Cons

Weighing your options

Leasing

Pros
  • Lower monthly payments
  • Warranty coverage for entire lease
  • Always drive a newer car
  • No depreciation risk
  • Potential tax benefits for business
Cons
  • No ownership or equity
  • Mileage restrictions and fees
  • Wear and tear charges
  • No modifications allowed
  • Early termination fees

Buying

Pros
  • Build equity and ownership
  • No mileage restrictions
  • Freedom to modify
  • Can sell anytime
  • Lower long-term costs
Cons
  • Higher monthly payments
  • Depreciation affects value
  • Responsible for maintenance after warranty
  • Need to handle selling/trading
  • Higher upfront costs

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